Will creating an Apple Account for my son affect my account?

I have 2 IPhone 15Max Pros that use the same apple id, 1 phone is mine, the other is my son's. I would like to update my son's phone to have has own id to eliminate some issues we have being set up with 1 ID for both. I just had to get a new insurance phone for him and thought this would be a great time since we will be setting up his phone.

My question is, will this have any impact on my overall account or my phone by changing the ID on his phone, and what can we expect to happen by making that change?

[Re-Titled by Moderator]